M-PESA Transacts $287 Million in Three Months Since Launch in Ethiopia

Safaricom announced today its M-PESA services in Ethiopia have transacted $287 million (16 billion birr) within three months of its launch. The telecom company disclosed this information during the release of its 2023/2024 Half-Year Results.

The mobile money service has garnered 1.16 million active customers, established 22,000 agents, and onboarded 12,400 businesses. Additionally, the platform has facilitated 2 million transactions so far.

“This validates our belief in Ethiopia’s potential to significantly bolster our future growth. We are committed to sustaining this momentum in the second half of the year,” said Safaricom CEO Peter Ndegwa.

M-PESA was introduced in Ethiopia on August 16, following the issuance of the Payment Instrument Issuer License by the National Bank of Ethiopia. The app is currently available in five languages for Android devices on the Play Store and will soon be accessible on iOS devices.

Safaricom Ethiopia Telecommunications confirmed the figure and stated that it will provide further insights on the development in the coming weeks. Safaricom has around seven million subscribers in Ethiopia of which 4.1 million are three-month active customers.

M-PESA is integrated with nine Ethiopian banks and ten international money transfer operators. In Kenya, M-PESA boasts 32.1 million users, and the platform processed transactions amounting to 120.9 billion (18.28 trillion KSh) during the half-year period.

Safaricom also reported a profit increase for the first time in two years after facing higher expansion costs in Ethiopia. The company’s half-year net profit rose by 2.1%, reaching $225 million.